Chicago, Oct. 10 – Panagram Structured Asset Management, LLC sold $430.4 million of notes in a collateralized loan obligation issued by Gage Park LLC, according to a new issue report.
The notes will mature on Oct. 28, 2035.
The CLO consists of $260.86 million of class A senior secured floating-rate notes at SOFR plus 225 basis points, $44.59 million of class B senior secured floating-rate notes at SOFR plus 310 bps, $35.46 million of class C senior secured deferrable floating-rate notes at SOFR plus 390 bps, $30.51 million of class D senior secured deferrable floating-rate notes at SOFR plus 610 bps, $14.68 million of class E senior secured deferrable floating-rate notes at SOFR plus 965 bps and $44.3 million of variable dividend notes.
Panagram Structured Asset Management, LLC will manage the collateral through the end of the 5.1-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
Panagram is a structured asset management firm based in New York.
Issuer: | Gage Park LLC
|
Issue: | Floating-rate notes and subordinated notes
|
Amount: | $430.4 million
|
Maturity: | Oct. 28, 2035
|
Structure: | Cash flow CLO
|
Manager: | Panagram Structured Asset Management, LLC
|
Settlement date: | Sept. 21
|
|
Class A notes
|
Amount: | $260.86 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | SOFR plus 225 bps
|
Rating: | Fitch: AAA
|
|
Class B notes
|
Amount: | $44.59 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | SOFR plus 310 bps
|
Rating: | Fitch: AA
|
|
Class C notes
|
Amount: | $35.46 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 390 bps
|
Rating: | Fitch: A
|
|
Class D notes
|
Amount: | $30.51 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 610 bps
|
Rating: | Fitch: BBB-
|
|
Class E notes
|
Amount: | $14.68 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 965 bps
|
Rating: | Fitch: BB-
|
|
Variable dividend notes
|
Amount: | $44.3 million
|
Securities: | Variable dividend notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.